From our 2008 Census

The Chicago Network launched its Women on Boards Initiative in 2008 to get more women on the boards of publicly-held and privately-held companies. Our efforts include building relationships with search firms, private equity firms and others for referrals and collaboration, educational roundtables and a searchable candidate database on The Chicago Network website. Network member, Cheryl Francis, updates us on progress.

Why did The Chicago Network decide to start the Women on Boards Initiative and what do you hope to achieve?

We did it for several reasons. The most important, which sounds simplistic but doesn't happen automatically: getting women on the list. The starting point for most boards is still retired CEOs. There aren't a lot of women on that list. Search firms often are trying to work effectively and quickly, so you tend to get a list of the usual suspects. If you want to be successful in getting really talented women - and minority candidates - on boards, you have to have different levels of requests for executive search firms.

Nominating committees need to be proactive in defining those candidates as part of what they're looking for. Some searches will be restricted to having only diverse candidates on the slate. Some will ask that a search firm have diverse candidates on the list but the list can be much broader. Making boards more aware of the need to be very specific in their requests - and search firms more aware of the need to diversify their slates - is paramount to this initiative. Getting beyond the classic group of board candidates should help create more board opportunities and experience for women.

Can you tell us about the progress so far?

We started with a universe we know well, The Chicago Network. Using our own members will enable us to have a population that we can track to figure out if our efforts are successful. Our goal is to get this population of women as prepared as possible go on boards. Approximately 65-70 of our members are already on public company boards - with others sitting on private company and nonprofit boards.

We've already held two roundtables to review the specifics of board membership: the first was an overview of what being on a board entails; the second, on director and officer liability, grew out of our first session. We will continue these on a regular basis and expand them beyond our own membership. Our goal is to ensure interested women can connect with opportunities by being knowledgeable about what going on a board means today.

Are you partnering with other organizations?

Yes, we partnered with Catalyst, the nonprofit organization that works with businesses and the professions to build inclusive workplaces and expand opportunities for women. We held a panel discussion that focused on women in leadership roles, looking at Catalyst's research and ours. It was a lively discussion titled, "When Women Lead." Moderated by Ilene H. Lang, president and CEO of Catalyst, the panel included Network member Sheila Penrose, chairman of the board of Jones Lang LaSalle; John Rogers, chairman and CEO of Ariel Investments and John Rowe, chairman and CEO of Exelon. The event was attended by more than 100 of Chicago's business leaders and many of the city's top CEOs. There was consensus that the tone at the top is crucial to creating change - and that the financial advantage from greater diversity is clear and compelling.

We also have a partnership with the InterOrganization Network (ION) and its member organizations throughout the country. Founded in 2004, ION consists of thirteen regional organizations in the United States - including The Chicago Network. These organizations are: Board of Directors Network (Atlanta), The Boston Club, CABLE (Nashville), The Central Exchange (Kansas City, MO), The Chicago Network, the Financial Women's Association of New York, Forum for Women Entrepreneurs and Executives/University of California Davis (San Francisco Bay Area), Forum of Executive Women (Philadelphia), Inforum Center for Leadership (Detroit), Milwaukee Women inc., Minnesota Women's Economic Roundtable, Network 2000 (Baltimore) and Women Executive Leadership (Florida).